Press Release
15 March 2012
Landi Renzo: The Board of Directors approves the results at 31
December 2011
During a challenging situation and the difficult economic
conditions, the Group increased its internationalisation (over 82%
of revenues come from abroad) and consolidated its relations with
the main car manufacturers with the launch of new Euro 5 engines o
Consolidated revenues of 253.53 million Euro (compared to 302.38
million Euro at 31 December 2010) o EBITDA of 19.48 million Euro
(compared to 45.95 million Euro at 31 December 2010) o EBIT loss of
3.26 million Euro (compared to profit of 31.98 million Euro at 31
December 2010) o Consolidated net loss of 9.14 million Euro
(compared to net profit of 18.63 million Euro at 31 December 2010)
o Net debt of 90.11 million Euro (compared to 69.48 million Euro at
31 December 2010)
Cavriago (Reggio Emilia), 15 March 2012
The Board of Directors of Landi Renzo SpA met today under the
chairmanship of Stefano Landi to approve the Company's annual draft
financial statements for the year ending 31 December 2011. The
Group saw an increase in the CNG product range of 14.3% and
increased its foreign presence, with 82.3% (compared to 70.4% in
2010) of its consolidated revenues abroad (26.1% in Europe and
56.2% outside of Europe), thus confirming the strongly
international approach which has been a hallmark of the company.
This was despite a fall in revenues largely caused by the ending of
Government incentives for the purchase of LPG and CNG powered cars
in important European markets. During 2011 new initiatives started
to reduce overheads and simplify managing processes. This occurred
without cutting back on investments in technology, indeed the
company further enhanced its research and development activities
which are traditionally the company's standout feature. By the end
of 2012 an important new R&D centre will be opened, which is
proof of the increasing commitment on the part of the company to
supporting this competitive factor. Claudio Carnevale, the Chief
Executive Officer of Landi Renzo, said: "The year just ended was
certainly difficult for the Group, in a macroeconomic context
characterised by volatility, in particular in Europe. During the
year, besides seeking to take advantage of all the opportunities
which the sector could offer, the foundations were laid for the
development of new markets in Asia and on the American continent,
with results which will become clearer during 2012. In addition, we
put in place new programmes to provide our structure with the
flexibility which the competitive environment in which we operate
currently requires. These actions already began to show first
results during the second part of 2011".
1 www.landi.it
Press Release
15 March 2012
Consolidated results at 31 December 2011 Revenues from sales and
services stood at 253.53 million Euro, down by 48.85 million Euro
(a fall of 16.2% compared to 2010): the fall in sales in Italy and
Europe was only partly offset by the growth in South West Asia,
which saw a 6.7% rise in sales compared to 2010, and by the 37.3%
rise recorded on the American market. Markets in the Rest of the
World, which recorded an overall increase in sales of 13.8%, were
positively influenced by the performance achieved in the rest of
Asia. EBITDA was 19.48 million Euro, compared to 45.95 million Euro
in 2010, down by 57.6%. This fall was mainly due to the fall in
volumes and turnover, the more aggressive price policy in some
areas, as well as the rise in overheads following the expansion of
the scope of consolidation. EBIT was negative at 3.26 million Euro,
compared to a positive figure of 31.98 million Euro in 2010: the
negative result for 2011 was caused not only by the amortisation
and depreciation of intangible and tangible assets for a total of
18.42 million Euro(13.97 million Euro in 2010), but also by the
decrease in the value of fixed assets in the year totalling 4.32
million Euro. This item, however, is non-recurring and with no
impact on cash flow. The consolidated pre-tax loss for 2011 was
8.21 million Euro, compared to pre-tax profit of 29.83 million Euro
in 2010. The consolidated financial statements of the Landi Renzo
Group for the year ending 31 December 2011 therefore recorded a
loss of 9.14 million Euro, compared to a net profit of 18.63
million Euro in 2010. The Board of Directors proposes to the
Shareholders' meeting to approve the coverage of the loss for the
year recorded by Landi Renzo S.p.A. of 8,529,753.47 Euro through
the use of existing reserves. Net debt at 31 December 2011 stood at
90.11 million Euro compared to 69.48 million Euro at 31 December
2010. Nonetheless this item remains quite similar to the level of
net debt on September 31st 2011. All comparisons were made vs 2010
restated financial results Outlook 2012 As for the outlook, despite
the continuation of the difficulties linked to the macroeconomic
situation and the key market, the Group expects that turnover in
2012 will grow by more than 5% compared to 2011. It also expects
that the EBITDA will be over 10% of revenues due to the
consolidation of all the initiatives to optimise overheads and
production costs put in place as from 2011, also taking account of
a highly competitive market, in particular in low-cost geographic
areas. Results of the parent company In 2011 Landi Renzo S.p.A.
recorded revenues of 112.59 million Euro compared to 197.50 million
Euro in 2010, down by 43.0%. As a consequence of the aforementioned
reduction in turnover, EBITDA, despite the actions aimed at
containing costs, was negative for 3.35 million Euro, compared to a
profit of 22.26 million Euro at 31 December 2010. EBIT was negative
for 12.43 million Euro at 31 December 2011 and was influenced by
the amortisation and depreciation recorded in the year for a total
of 9.09 million Euro, of which 2.81 million Euro was for intangible
assets. The net loss stood at 8.53 million Euro compared to net
profit of 9.69 million Euro in the prior year.
2 www.landi.it
Press Release
15 March 2012
REPORT ON CORPORATE GOVERNANCE AND OWNERSHIP STRUCTURE AND
REMUNERATION POLICY The Board of Directors examined and approved
the Report on corporate governance and ownership structure as well
as the Report on remuneration for 2011.
SHAREHOLDERS' MEETING The Board of Directors convened the
Shareholders' Meeting for 24 and 26 April 2012 (1st and 2nd call
respectively) at 9:00 a.m., at the company's registered office in
Cavriago (Reggio Emilia), Località Corte Tegge, Via Nobel 2/4. The
Shareholders' Meeting will also be convened to approve the renewal
of authorisation to buy and sell treasury shares for a period of 18
months as from the date of the resolution. In compliance with the
provisions of art. 2428 of the Italian Civil Code, it should be
noted that during 2011 the Parent Company did not trade any
treasury shares or shares of parent companies and currently does
not hold any treasury shares or shares of parent companies. The
subsidiaries do not hold any shares of the Parent Company.
The Manager in charge of preparing the financial reports, Paolo
Cilloni, declares pursuant to article 154 bis, par. 2 of
Legislative Decree no. 58 of 24 February 1998 that the accounting
information provided herein corresponds to the documented results
and to the accounting books and entries. This press release is also
available on the company's website www.landi.it. This press release
is a translation. The Italian version will prevail
Landi Renzo is a world leader in the sector of components and LPG
and CNG fuel systems for motor vehicles. Based in Cavriago (Reggio
Emilia) and with more than 50 years' experience in the sector,
Landi Renzo is distinguished by the sustained growth of its
revenues and the extent of its international operations, with a
presence in over 50 countries and exports accounting for more than
80% of the Company's sales. Landi Renzo S.p.A. has been listed in
the STAR segment of Borsa Italiana MTA market since June 2007.
For further information: Landi Renzo Pierpaolo Marziali M&A and
Investor Relations Officer ir@landi.it Corrado Storchi External
Relations Manager cstorchi@landi.it Tel. +39 0522.94.33 SEC
Relazioni Pubbliche e Istituzionali Marco Fraquelli
fraquelli@secrp.it Daniele Pinosa pinosa@secrp.it Tel. +39
02.624999.1
IR Top Consulting Maria Antonietta Pireddu Tel. +39 02
45.47.38.84/3 ir@irtop.com
3 www.landi.it
Press Release
15 March 2012
Landi Renzo S.p.A. Consolidated Financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31-Dec-10 ASSETS
(thousands of Euros) Non - cu r r e n t assets Pr oper ty , plant
and equipment Development expenses Goodw ill Other intangible
assets w ith finite useful lives Other non-current financial assets
Deferred tax assets Total non-current assets Current assets Tr ade
receivables Trade receivables - related parties Inventories Other
receivables and current assets Current financial assets Cash and
cash equivalents Total current assets TOTAL ASSETS 77,429 361
67,408 27,452 176 20,059 192,885 336,859 80,185 712 66,980 21,348
131 26,297 195,653 347,456 80,185 712 66,980 21,348 131 26,297
195,653 345,023 35,096 10,346 55,582 29,506 170 13,274 143,974
38,551 12,340 59,818 31,333 288 9,473 151,803 38,551 5,563 66,225
29,270 288 9,473 149,370 31- De c- 11 restated 31- De c- 10
4 www.landi.it
Press Release
15 March 2012
31- De c- 10 EQUITY AND LIABILITIES (thousands of Euros) Gr o up
shareholders' equity Shar e capital Other reserves Profit (loss)
for the period Total equity attributable to the shareholders of the
parent com p any Minority interests TOTAL EQUITY Non-current
liabilities Non- c ur r ent bank loans Other non-current financial
liabilities Provisions for risks and charges Defined benefit plans
Deferred tax liabilities Total non-current liabilities Current
liabilities Bank overdrafts and short-term loans Other current
financial liabilities Trade payables Trade payables - related
parties Tax liabilities Other current liabilities 69,878 125 55,903
61 6,458 7,216 28,407 560 64,474 354 4,345 7,582 28,407 560 64,474
354 4,345 7,582 40,119 49 4,860 2,835 12,351 60,214 66,637 173
4,753 3,153 14,316 89,032 66,637 173 4,753 3,153 11,310 86,026
11,250 134,154 9,138 136,266 738 137,004 11,250 122,058 18,635
151,943 759 152,702 11,250 121,807 19,459 152,516 759 153,275 31-
De c- 11 restated 31- De c- 10
Total current liabilities TOTAL LIABILITIES AND EQUITY
139,641 336,859
105,722 347,456
105,722 345,023
5 www.landi.it
Press Release
15 March 2012
INCOM E STATEMENT (thousands of Euros) Re ve n u e s (goods and
services) of w itc h: related parties Other revenue and income Cost
of raw materials, consumables and goods and change in inventories
Cost of raw materials - related parties Costs for services and use
of third party assets Cost for services and use of third party
assets - related parties Personnel expenses Accruals, impairment
losses and other operating expenses Gross Operating Profit
Amortization, depreciation and impairment losses of w hic h: non
recurring losses Net Operating Profit Financial income Financial
expenses Exchange rate gains and losses Profit (Loss) before tax
Taxes Net profit (loss) for the Group and m in o r it y interests,
including: Minority interests Net Profit (Loss) of the Group
31-Dec-11 253,529 1,217 1,646 -
31/12/2010 restated 302,376 1,273 1,341
31- De c- 10 302,376 1,273 1,341 130,337 4,112 80,409 1,511 36,879
4,521 45,948 12,721
124,018 --
130,337 4,112 80,409 1,511 36,879 4,521 45,948 13,968 -
-
66,693 1,528 39,896 3,563 19,477
-
22,737 4,316 3,260 482
31,980 229 2,378 429,827 10,477 19,350 715 18,635
33,227 229 2,378 4 31,074 10,900 20,174 715 19,459
-
3,610 1,825 8,213 926 9,139 1 9,138
Basic earnings (loss) per share (calculated on 112,500,000 shares)
Diluted earnings (loss) per share
-
0.0812 0.0812
0.1656 0.1656
0.1730 0.1730
6 www.landi.it
Press Release
15 March 2012
CONSOL IDAT ED CASH FLOW STATEMENT (thousands of Euros) Ope n ing
cash and cash equivalents Profit (Loss) before tax (less m in o r
it y interests) net of interest paym e n t s Adjustments: A mor tiz
ation, depreciation Impairment of intangible and tangible assets
Changes in provisions and employee benefits Changes in other
provisions Net change in deferred taxes (Increase) decrease in
current assets: Inv entor ies trade receivables trade receivables -
related parties receivables from others and other assets (Increase)
decrease in current liabilities: tr ade payables trade payables -
related parties payables to others and other liabilities Cash flow
from (for) operating activities Net interest paid (including
exchange rate differences) Income taxes paid Free Cash flow from
(for) operating activities Investments in intangible assets
Development costs Investments in property, plant and equipment
Disposals of property, plant and equipment Investments in financial
assets - subsidiaries Investments in other non-current financial
assets Cash flow from (for) investing activities Outlay for
acquisition of AEB S.p.A. net of liquidity Outlay for acquisition
of Baytech Corporation net of liquidity Cash flow for acquisition
of equity investm e n t s Dividends paid in the period Change in
equity attributable to the shareholders of the parent and minority
interests Loans obtained/repaid to/from banks and other financial
backers during the period Payments for reduction of payables for
financial leasing Cash flow from (used in) financing activities
Total cash flow Closing cash and cash equivalents
31- De c- 11 2,110 3,475
31- De c- 10 restated 23,207 31,259
31- De c- 10 23,207 32,507
18,421 4,316 343 107 2,567
13,705 263 439 2,575 4,005
12,458 263 439 2,575 4,005
-
428 2,757 351 -
4,496 29,228 520 11,555 -
4,496 29,228 520 11,555
-
6,149 -
-
4,285 293 1,747 10,845
27,361 3,597 4,012 37,957
27,361 3,597 4,012 37,957 2,147 10,453 25,357 1,289 3,090 10,047
852 37 13,611 34,500 10,742 45,242 6,975 153 15,303 302 8,179
25,317 2,110
-
4,737 5,833 275
-
2,147 10,453 25,357 1,289 3,090 10,047 852 37 13,611 34,500 10,742
45,242 6,975 153 15,303 302 8,179 25,317 2,110 -
-
1,307 3,089 10,495 569 -52
-
14,270 --
-
6,188 -
-
27,079 447 33,714 47,709 49,819 -
7 www.landi.it
Press Release
15 March 2012
Landi Renzo S.p.A. Parent Company Financial statements
BALANCE SHEET
ASSETS (thousands of Euros) Non-current assets Pr oper ty , plant
and equipment Development expenses Goodw ill and other intangible
assets w ith finite useful lives Investments in subsidiaries Other
non-current financial assets Other non-current assets Deferred tax
assets Total non-current assets Current assets Tr ade receivables
Trade receivables to subsidiaries Inventories Other receivables and
current assets Current financial assets Cash and cash equivalents
Total current assets TOTAL ASSETS
31- De c- 11
31- De c- 10
19,773 4,991 4,079 118,264 722 70 6,872 154,771
22,742 4,714 3,938 121,945 655 71 3,076 157,141
32,305 24,243 28,566 12,799 3,997 2,123 104,033 258,803
36,754 26,006 32,177 13,225 5,131 3,230 116,522 273,663
8 www.landi.it
Press Release
15 March 2012
EQUITY AND LIABILITIES (thousands of Euros) Eq u it y Shar e
capital Other reserves Profit (loss) for the period TOTAL EQUITY
Non-current liabilities Non- c ur r ent bank loans Other
non-current financial liabilities Provisions for risks and charges
Defined benefit plans Deferred tax liabilities Total non-current
liabilities Current liabilities Bank overdrafts and short-term
loans Other current financial liabilities Trade payables Trade
payables - related parties Liabilities to subsidiaries Tax
liabilities Other current liabilities Total current liabilities
TOTAL LIABILITIES AND EQUITY
31- De c- 11
31- De c- 10
11,250 118,025 8,530 120,745
11,250 114,521 9,692 135,463
38,087 49 3,038 1,680 1,201 44,055
60,371 173 2,925 1,866 1,289 66,624
55,789 125 27,280 5 5,979 812 4,015 94,003 258,803
24,001 5,122 35,720 269 1,559 758 4,147 71,576 273,663
9 www.landi.it
Press Release
15 March 2012
INCOM E STATEMENT (thousands of Euros) Re ve n u e s (goods and
services) Other revenue and income Cost of raw materials,
consumables and goods and change in inventories Costs for services
and use of third party assets Personnel expenses Accruals,
impairment losses and other operating expenses Gross Operating
Profit Amortization, depreciation and impairment losses Operating
Profit Financial income Income from investments Financial expenses
Expenses from investments Exchange rate gains and losses Profit
(Loss) before tax Taxes Profit (loss) for the period
31-Dec-11 112,592 799 -
31- De c- 10 197,498 546 88,765 64,470 19,541 3,008 22,258 7,865
14,393 140 2,137 1,781 510 130 14,509 4,818 9,692
58,872 37,573 19,082 1,210 3,346 9,086 12,432 218 7,600
-
2,830 4,551 233 12,227 3,697 -
-
8,530
Basic earnings (loss) per share (in Euro) Diluted earnings (loss)
per share (in Euro)
-
0.076 0.076
0.086 0.086
10 www.landi.it
Press Release
15 March 2012
CASH FLOW STATEMENT (thousands of Euros) Op e n ing cash and cash
equivalents Profit (Loss) before tax (less m ino r it y interests)
net of interest paym e n t s and dividends received Adjustments: A
mor tiz ation, depreciation Impairment of financial assets Changes
in provisions and employee benefits Changes in other provisions
(Increase) decrease in current assets: Inv entor ies trade
receivables trade receivables - related parties receivables from
subsidiaries receivables from others and other assets (Increase)
decrease in current liabilities: tr ade payables trade payables -
related parties paybles to subsidiaries payables to others and
other liabilities Cash flow from (for) operating activities Net
interest paid (including exchange rate differences) Income taxes
paid Free Cash flow from (for) operating activities Investments in
intangible assets Development costs Investments in property, plant
and equipment Disposals of property, plant and equipment
Investments in financial assets - subsidiaries Dividends received
Cash flow from (for) investing activities Dividends paid in the
period Loans obtained/repaid to/from subsidiaries Loans
obtained/repaid to/from banks and other financial backers during
the period Cash flow from (used in) financing activities Total cash
flow Closing cash and cash equivalents
31- De c- 11 20,771 17,328
31- De c- 10 11,637 14,373
9,087 4,551 186 1,307 -
7,865 127 94 72
3,611 4,449 1,763 364 -
9,342 51,873 192 209 5,277
-
8,440 264 4,419 -
42,471 471 883 247 34,706 1,364 7,967 25,375 745 2,706 7,285 1,620
59,352 1,500 66,968 6,975 596 15,564 9,185 32,408 20,771
-
116 603
-
2,499 -
-
1,896 719 2,513 3,342 514 -7,600 1,540 -
-
6,188 3,943 22,408 32,539 32,895 53,666 -
11 www.landi.it
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